News

“NYDFS ROUNDUP: CRYPTO, CYBERSECURITY, AND INSURANCE COMPANIES”: MATTHEW LEVINE PUBLISHES ARTICLE IN NEW YORK LAW JOURNAL

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Matthew Levine published his most recent article on NYDFS titled “NYDFS Roundup:  Crypto, Cybersecurity, and Insurance Companies.”  The article begins: “Change has been a constant at the New York State Department of Financial Services.   Since its first Superintendent departed the agency in June 2015, there have been six confirmed and acting Superintendents for DFS.  With … Read more

NYDFS GAINS STATUTORY AUTHORITY TO ASSESS CRYPTO BUSINESSES — PARITY WITH OTHER FINANCIAL INSTITUTIONS

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The New York State legislature and Governor Hochul enacted a new law that allows NYDFS to assess licensed crypto businesses in the same manner it assesses other regulated entities.   Each regulated entity must pay a yearly assessment to NYDFS that, in aggregate, funds NYDFS operations.  NYDFS does not rely on taxpayer funds and does not … Read more

MATTHEW LEVINE SPEAKS ON ENFORCEMENT RISK FOR BANKS, FINTECHS AND VENDORS AT ABA BUSINESS LAW SECTION MEETING

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Matthew Levine spoke on a panel at the ABA’s Business Law Section’s Hybrid Spring Meeting on enforcement risks for banks, fintechs and their vendors.   As the regulatory perimeter continues to develop, the enforcement risk for regulated financial institutions, fintechs, and third-party service providers, including notably the technology companies that work with them, remains a key … Read more

“CRYPTO’S MOST POWERFUL REGULATOR IS HERE”: NYMAG.COM ON NYDFS SUPERINTENDENT ADRIENNE A. HARRIS

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In an in-depth look at NYDFS Superintendent Adrienne A. Harris, titled, “Crypto’s Most Powerful Regulator is Here,” New York Magazine (nymag.com) elicits important information concerning her vision and approach to cryptocurrency regulation is included, including her view that NYDFS may attempt to regulate DEFI “lending and asset management.” The article may be found here:  https://nymag.com/intelligencer/2022/03/adrienne-harris-is-cryptos-most-powerful-regulator.html  

FUTURE OF NYDFS ENFORCEMENT — MORE HOT TAKES FROM LAW360 INTERVIEW WITH SUPERINTEDENT HARRIS — PART TWO

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Hot takes from Part Two of Law360’s interview with NYDFS Superintendent Adrienne A. Harris: NYDFS intends to streamline the Bitlicense application process but “without sacrificing regulatory rigor.” Diversity in the Board and management of regulated financial institutions is a “safety and soundness” issue. Superintendent Harris’ favorite musical artist is Jay-Z. Part Two of the Law360 … Read more

FUTURE OF NYDFS ENFORCEMENT — HOT TAKES FROM LAW360 INTERVIEW WITH SUPERINTENDENT HARRIS -PART ONE

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Hot takes from Part One of Law360’s interview with NYDFS Superintendent Adrienne A. Harris: NYDFS will focus on “kitchen table” Issues, so consumer-facing businesses will be in focus for enforcement efforts. BSA/AML/OFAC enforcement “continues to be incredibly important.” Three — “Predatory behavior” and “cybersecurity governance and protocols” also will be enforcement emphasis. Part One of … Read more

NYDFS ANNOUNCES STRENGTHENED CRYPTO TRACING TO ENFORCE RUSSIAN SANCTIONS

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According to NYDFS:  “As part of DFS’s work to become a leading, data-driven regulator of the global financial services sector, the Department has been assessing a number of technology tools and service providers to augment current supervisory capabilities. Accelerating the procurement process is a critical step to strengthen the Department’s ability to enforce anti-money laundering … Read more

NYDFS ISSUES ADVISORY RELATING TO UKRAINE SITUATION REGARDING CYBERSCURITY, CRYPTO, AND SANCTIONS

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In light of the Russian invasion of Ukraine, NYDFS issued an advisory concerning compliance issues relating to cybersecurity, cryptocurrency and sanctions. Press release found here:  https://www.dfs.ny.gov/industry_guidance/industry_letters/il20220225_ukraine_escalation_impact_financial  

NYDFS SUPERINTENDENT ADRIENNE A. HARRIS SITS FOR FIRESIDE CHAT WITH BROOKINGS CENTER ON REGULATION AND MARKETS

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NYDFS Superintendent Adrienne A. Harris sat down for a fireside chat with the Brookings Institution’s Center on Regulation and Markets.  Here are some takeaways: –   On Enforcement:  NYDFS will be focusing enforcement on “kitchen table” issues. –  On Cybersecurity:  NYDFS is working on updating and improving its cybersecurity regulation. –  On Climate Change:  NYDFS will … Read more

NYDFS COMPLETES FIRST INVESTIGATION BY OFFICE OF PHARMACY BENEFITS INTO PRICE SPIKE

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NYDFS completed its first investigation by the new Office of Pharmacy Benefits regarding a price spike.  According to NYDFS findings:  “Cipla has entered into an agreement with OPB to put in place new internal controls governing the reporting of drug prices and will report on the implementation and maintenance of those new controls in one … Read more